Post ETF Delay Of Bitcoin By SEC, Crypto Markets Slump

Bitcoin recorded a loss of about $500 in six hours! So far, the ten cryptos excluding Tether (USDT) are covered in red, according to Coin360.

As per press time, the BTC is trading at about $6,598, falling 5.29% on the last day and bringing a new weekly low. The fall follows today’s announcement that the US Securities and Exchange Commission has postponed its decision to register and trade a Bitcoin ETF before the end of September.

Ethereum is going through a decline which has decreased around 6.64% in the last 24 hours. The second positioned cryptocurrency is at $377 and also reaches new weekly lows. During the month, the ETH price fell by 23%.

The top ranking ten altcoins are marked in the red, with the drop from 4 to almost 12%. IOTA and Ripple posted the main losses of 8.52% and 11.46%, respectively, followed by Litecoin with a loss of 8.5% on the day.
Among the 20 largest currencies market value, Ethereum Classic was the most affected, losing more than 13% in the last 24 Hours, trading at $17.02 at the press time. On August 7, Coinbase added support to ETC on its Coinbase Pro platform. Robinhood, a commission-less crypto trading platform, also listed the ETC.

The total market value of all cryptocurrency is $236.7 Billion. According to the press time, the market is down by nearly $15 Billion.

Focusing on the recent actions taken by SEC, earlier in July, it has discarded the proposal presented by Winklevoss brothers to change the rule which would have resulted in the listing of their exchange trading fund, based on bitcoin. The rejection of the proposal came after a year. The authority of the SEC also clarified that the rejection should not be seen as a judgment against blockchain and cryptocurrencies.